Many power conversion applications require the conversion of AC power at one frequency to AC power at a higher or lower frequency. One common utilization for such power converters is the variable speed control of AC motors. The most common commercial AC to AC static switch frequency converters utilize an intermediate DC stage. One type of commercial converter, illustrated schematically in FIG. 1, utilizes a rectification stage 20 that provides DC current through an inductor 21 to an inverter stage 22 composed a multiple static switches 23, which are illustrated in FIG. 2. A second type of AC-AC-converter, illustrated schematically in FIG. 3, has a rectification stage 28 that provides DC voltage on DC bus lines 29 and 30 to an inverter stage 32 composed of static switches 33, as illustrated, for example, in FIG. 4. An energy storage capacitor 34 is connected across the DC bus lines 29 and 30. While the DC link configuration of FIG. 3 is widely used in commercial power converters, the DC link capacitor 34 constitutes one life-limiting component in these types of converters, as well as contributing to the bulk and cost of the converter. As an alternative to power conversion systems having an intermediate DC link, a variety of direct AC to AC converters have been developed. An example of a prior AC to AC converter is the matrix converter, shown schematically in FIG. 5, which utilizes one pole, three throw switches 36 to directly convert an AC input voltage at one frequency to an AC output voltage at another frequency. Matrix converters require bidirectional high power semiconductor switches, which are not presently commercially available as single units, but which can be implemented utilizing back to back IGBTs (insulated gate bipolar transistors) 37 and diodes as shown in FIG. 6. Because of the relatively high currents and voltages which these switches must handle, the semiconductor switches required are relatively expensive and can limit the reliability of the converter system.